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CommEX released an open letter early Friday morning addressing concerns raised in the wake of Binance\u2019s recent exit from Russia.<\/p>\n
Binance fully withdrew from Russia<\/a> earlier this week, stating that it had sold off its business there to local exchange CommEX for an undisclosed amount.<\/p>\n What has alarmed industry watchers, however, is that CommEX seems to have launched only just this week, something that was essentially confirmed in the letter<\/a>. Notably, CommEX only became a member of X in September 2023 and has a modest online presence with just seven posts.<\/p>\n These revelations have stoked suspicions that Binance<\/a> or CEO Changpeng Zhao<\/a> remain in control of the new exchange.<\/p>\n Zhao denied the swirling claims that he owns CommEX on Thursday, but said a few former Binance-CIS employees may join the CommEX team.\u00a0<\/p>\n \u201cI am not their [ultimate beneficial owner], nor do I own any shares there. The deal does not have any buy back options,\u201d Zhao wrote on X.<\/p>\n Adam Cochran, a partner at Cinneamhain Ventures, expressed skepticism about CommEX\u2019s independence. In an X thread, he highlighted that CommEX\u2019s login page still offers an option to log in using Binance credentials.<\/p>\n CommEX said it\u2019s been developing its platform for six months and has a team comprising \u201cdozens of passionate individuals.\u201d Some of those individuals are \u201cformer Binance veterans,\u201d according to the letter.\u00a0<\/p>\n What wasn\u2019t disclosed, however, is information detailing CommEX\u2019s owner, despite the fledgling exchange wanting to converse with customers \u201cin the spirit of transparency.\u201d<\/p>\n \u201cAlthough we do not disclose our [ultimate beneficial owner], we want to make it clear that we are not owned by Binance,\u201d CommEX wrote. \u201cOur leadership may choose to maintain a low profile, but their extensive skills significantly shape our strategic growth and contribute to our achievements within the cryptocurrency industry.\u201d<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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